Cyber risks from IT supply chains a rising threat for financial firms: MAS panel

THE IT supply chains for the banking industry are increasingly being targeted and exploited by cyber criminals, and to that end, financial institutions should be conducting source code reviews, system integrity checks, and network anomaly detection, among other things, to mitigate these risks.

On top of putting in place an effective "multi-layered defence" against threats from the IT supply chains, top executives at financial institutions also need to set "clear expectations for cyber risk culture", with poor risk culture often cited as a contributing factor during cyber incidents.

These are according to observations from the Monetary Authority of Singapore (MAS)'s Cyber Security Advisory Panel (CSAP), which convened on Monday to discuss the latest cybersecurity challenges and strategies related to the financial industry in Singapore.

The members also observed that the banking industry should strengthen cyber monitoring and surveillance, by deepening cyber intelligence-sharing networks with both global and local partners.

The CSAP comprises leading international cybersecurity experts who provide MAS with global perspectives on evolving cyberthreats and the latest insights on strategies to address cyber risk.